Saudi Aramco sets up new fuel retail subsidiary
(12/27/2018 7:37:00 AM)
Saudi Aramco announced on Wednesday that it is establishing a fuel retailing subsidiary. The new company, Saudi Aramco Retail Company (RetailCo), will focus on expanding the network of domestic fuel retail stations in the kingdom.
The company is chartered with owning Saudi Aramco’s fuel retailing, delivering Saudi Aramco brand positioning, innovating retail experience for fuel and associated non-fuel activities and creating an agile business unit that can adapt to the retail market’s changing dynamics.
“Integrating fully across the hydrocarbon value chain is key to capturing maximum value from our resources. We are very excited about the establishment of RetailCo. It will leverage synergies in our business model and position us to actively participate in the customer-facing segment of the downstream value chain,” said Abdulaziz Al-Judaimi, Saudi Aramco senior vice president of Downstream.
“By instituting a customer focus culture, combined with premium fuels and services, RetailCo will strive to exceed its customer’s expectations, thereby ensuring its business is sustainable for the long-term," Al-Judaimi added.